Cyprus Property News

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Cyprus Property News

New lending Credit Crunch comes to Cyprus

Date: 05/02/12

BREAKING NEWS!

It’s widely known that the Cypriote banks have become stricter with their mortgage lending over the last few years. Huge loans made to both the Greek government and to Greek private sector have piled on the financial misery onto local Cypriote banks.

Increased loan rates where the first sign of a diminished ability to lend, but in the last few weeks applications for bank loans from solvent customers, buying deeded property, have slowed to a crawl. As the loan river has iced over it has become increasingly apparent that local Cypriote banks have tightened their lending policies.

For purchasers who intended to buy with the help of a mortgage from a local bank the message is clear – Prepare yourself for a much larger contribution (minimum of 50%), pay “cash” or raise finance in your home country.